Weekly Research Analysts’ Ratings Changes for RingCentral (RNG)

Posted by on Jun 1st, 2022

RingCentral (NYSE: RNG) recently received a number of ratings updates from brokerages and research firms:

  • 5/23/2022 – RingCentral had its price target lowered by analysts at Jefferies Financial Group Inc. from $100.00 to $80.00.
  • 5/18/2022 – RingCentral had its price target lowered by analysts at Wells Fargo & Company from $150.00 to $115.00. They now have an “overweight” rating on the stock.
  • 5/16/2022 – RingCentral was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating. They now have a $80.00 price target on the stock, down previously from $95.00.
  • 5/11/2022 – RingCentral was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 5/10/2022 – RingCentral was upgraded by analysts at Oppenheimer Holdings Inc. from a “market perform” rating to an “outperform” rating. They now have a $100.00 price target on the stock.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Northland Securities from $275.00 to $175.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Craig Hallum from $270.00 to $175.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at BTIG Research from $250.00 to $120.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Needham & Company LLC from $225.00 to $110.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Piper Sandler from $228.00 to $118.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Wells Fargo & Company from $185.00 to $150.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $210.00 to $110.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Mizuho from $220.00 to $150.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Robert W. Baird from $130.00 to $95.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Raymond James from $300.00 to $135.00.
  • 4/26/2022 – RingCentral had its price target lowered by analysts at Barclays PLC from $300.00 to $140.00. They now have an “overweight” rating on the stock.

NYSE RNG traded down $0.44 during mid-day trading on Wednesday, reaching $62.70. 14,024 shares of the stock were exchanged, compared to its average volume of 2,264,100. RingCentral, Inc. has a 1-year low of $56.95 and a 1-year high of $315.00. The business’s fifty day simple moving average is $90.66 and its 200 day simple moving average is $143.08. The stock has a market capitalization of $5.78 billion, a PE ratio of -11.02 and a beta of 0.93. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25.

RingCentral (NYSE:RNG – Get Rating) last announced its earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The firm had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. During the same quarter last year, the business earned ($0.41) earnings per share. RingCentral’s revenue was up 32.7% compared to the same quarter last year. On average, analysts anticipate that RingCentral, Inc. will post -1.66 EPS for the current year.

In other RingCentral news, CEO Vladimir Shmunis bought 20,000 shares of RingCentral stock in a transaction that occurred on Tuesday, May 24th. The shares were acquired at an average price of $59.52 per share, for a total transaction of $1,190,400.00. Following the acquisition, the chief executive officer now owns 289,379 shares of the company’s stock, valued at approximately $17,223,838.08. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total transaction of $124,789.60. Following the transaction, the chief operating officer now owns 110,098 shares in the company, valued at approximately $7,442,624.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,349 shares of company stock worth $1,399,925. 7.35% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Capital International Investors boosted its holdings in RingCentral by 37.5% in the fourth quarter. Capital International Investors now owns 8,901,739 shares of the software maker’s stock valued at $1,667,741,000 after purchasing an additional 2,427,359 shares during the last quarter. Capital World Investors boosted its holdings in RingCentral by 13.0% in the fourth quarter. Capital World Investors now owns 11,188,825 shares of the software maker’s stock valued at $2,096,226,000 after purchasing an additional 1,283,945 shares during the last quarter. Aaron Wealth Advisors LLC purchased a new position in RingCentral in the first quarter valued at about $8,170,000. Goldman Sachs Group Inc. boosted its holdings in RingCentral by 53.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,381,592 shares of the software maker’s stock valued at $446,191,000 after purchasing an additional 825,356 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in RingCentral during the 1st quarter worth approximately $83,500,000. Institutional investors and hedge funds own 85.96% of the company’s stock.

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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